July 22 News and developments in Asia private
equity from Reuters News for the week ending July 19.
BLACKSTONE GROUP and MBK Partners plan Singapore
initial public offerings for assets the private equity companies
separately own in Taiwan and India, sources said.
AUSTRALIA'S TAKEOVER regulator declined a request from
Oaktree Capital Management and Centerbridge Partners
to delay a $359 million refinancing deal surfwear for company
Billabong International Ltd on anti-trust concerns.
A consortium led by P3 Investments bidding for a 90 percent
stake in American International Group Inc's aircraft
leasing unit, International Lease Finance Corp, is in talks to
reduce its loan to about $1 billion from $1.5 billion, Basis
Point reported citing sources.
BLACKSTONE GROUP has agreed to buy a majority stake
in Indian auto parts maker Agile Electric Works, which controls
Igarashi Motors, for about $100 million, two sources
with direct knowledge of the matter told Reuters.
FORMULA ONE Chief Executive Bernie Ecclestone has been
indicted in Germany in a case relating to the sale of a stake in
the motor racing business eight years ago, a spokesman for a
Munich court said. Ecclestone is accused of bribing a German
banker to ensure that BayernLB sold the 48 percent stake to
private equity firm CVC. He has denied the
CHINA'S SECURITIES regulator has sharply downgraded its
ratings for Ping An Securities, Minsheng Securities and Nanjing
Securities in the latest example of how Beijing is trying to
clean up the country's financial industry.
STRATEGIC ADVISORY firm Blackpeak has opened a Guangzhou
office, to support its existing Shanghai and Hong Kong offices,
increasing its staff in Greater China to 15 investigators and
CHINA'S SHUANGHUI International Holdings, which has agreed
to buy U.S. pork producer Smithfield Foods Inc for $4.7
billion, plans to list the combined company in Hong Kong after
completing the takeover, people with knowledge of the matter
BILLABONG WILL sell its DaKine clothing and accessories
brand and jettison Chief Executive Launa Inman as part of a
A$395 million ($359 million) refinancing deal with a former
EXS CAPITAL Ltd, an Asia-focused alternative investment
group, said it had led a $37 million investment into Vietnamese
real estate developer Son Kim Land.
VINGROUP JOINT Stock Company, Vietnam's largest
private-sector real estate operator, said it had closed the
first $150 million of the transaction for its strategic
partnership with a Warburg Pincus-led consortium.
VIETNAM-FOCUSED private equity firm Mekong Capital said Chad
Ovel, formerly CEO of AA Corp, had joined the firm as a partner,
the first new partner in the firm since it was established in
2001 by Chris Freund.
TURNAROUNDS AND restructuring firm Alvarez & Marsal said it
had hired Yansong Xue and Bing Liu as directors for its
operations in Beijing as part of an expansion plan.